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G20 seeks to enhance trade growth in face of protectionism: China
In the face of a “worrying” rise in protectionism, trade ministers from the world's major economies have agreed to cut trade costs, increase policy coordination and enhance financing, China's Commerce Minister… The rest is here: G20 seeks to enhance trade growth in face of protectionism: China Read More →
U.S. economy posts largest job gains in eight months in June
U.S. job growth surged in June as manufacturers and other employers boosted hiring, confirming the economy has regained speed after a first-quarter lull, but tepid wages suggested the Federal Reserve will probably not raise interest rates soon. The sign of strength in the economy, however, precedes Britain's stunning vote last month to leave the European Union. “For the Fed, this report... [Read more]
Facebook faces U.S. tax exam over Ireland asset tranfer: lawsuit
(Reuters) – The U.S. Internal Revenue Service is examining Facebook Inc in connection with its transfer of various rights associated with its worldwide business to a holding company in Ireland, according to court papers. The U.S. Justice Department filed a lawsuit on Wednesday in federal court in San Francisco seeking to enforce IRS summonses served on Facebook and force the company to produce... [Read more]
Jobless claims, hiring data brighten U.S. labor market view
U.S. private payrolls increased more than expected in June as small businesses ramped up hiring, and fewer Americans applied for unemployment benefits last week, suggesting a rebound in job growth after May's paltry gains. Thursday's reports underscored the economy's strength and supported views that the United States would weather the impact of last month's British referendum... [Read more]
Twinkies maker Hostess to go public under new owner
The Kansas City, Missouri-based snack cake company, which was founded in 1919, will be acquired by Gores Holdings Inc , a special purpose acquisition company (SPAC). Including debt, the total value of the deal is about $2.3 billion, Hostess said. The company's products, especially the golden, cream-filled Twinkies cakes, are ingrained in American pop culture and have long been packed in children's... [Read more]
Bank of Israel buying ‘hundreds of millions’ of dollars: sources
The Bank of Israel bought “hundreds of millions” of dollars of foreign currency on Monday, dealers said, after the shekel continued to strengthen for a fifth straight session. Its move came after financial newspaper TheMarker reported that the bank's intervention policy had come under fire by Prime Minister Benjamin Netanyahu's chief economics advisor, Avi Simhon, who was quoted... [Read more]
VW says U.S. ‘Dieselgate’ settlement not to be replicated in Europe
Volkswagen's CEO has rejected calls for the carmaker to compensate customers in Europe over the 'Dieselgate' emissions scandal along the lines of its $15 billion deal in the United States, telling a German newspaper a similar settlement would be inappropriate and unaffordable. Europe's Industry Commissioner Elzbieta Bienkowska last week called on Volkswagen to also compensate European... [Read more]
Volkswagen brand chief says no plans to step down despite investigation
Volkswagen's brand chief, Herbert Diess, is not planning to resign even though he is the subject of investigation by public prosecutors, he told a German newspaper. “It's not up for debate,” Diess told Sueddeutsche Zeitung in an interview published on Monday, when asked if he had thought about stepping down as a result of the probe. Volkswagen's reputation will take 12-18... [Read more]
Oil climbs as market seen in balance, but slow demand weighs
By Ahmad Ghaddar LONDON (Reuters) – Oil prices rose on Monday following comments from the Saudi energy minister that the market was heading towards balance, although signs of slowing demand in Asia weighed. The energy minister of Saudi Arabia, the world's top crude exporter, and … View original post here: Oil climbs as market seen in balance, but slow demand weighs Read More →
London bankers face Brexit choice: lobby or leave
By Sinead Cruise and Lawrence White LONDON (Reuters) – A week after Britons voted themselves out of the European Union, many London-based bankers and their employers face two options if they are to secure their futures: lobby or leave. Some investment banks, anxious not to stir speculation of an exodus from the historic City of London and its modern counterpart at Canary Wharf, have given out... [Read more]